Regulatory Dynamics

1. The President of the European Central Bank stated that Bitcoin is a speculative asset and needs regulation.

The President of the European Central Bank recently stated that Bitcoin is a speculative asset, which, while promoting some interesting business activities, requires regulation. She also expressed hope to launch a digital euro within five years. Previously, the Governing Council of the European Central Bank had discussed whether to advance the digitization of the euro, but no clear decision has been made yet. However, the ECB Governing Council noted that the euro system is moving towards the potential creation of a digital euro.

2. IMF Report: Only 40 Countries Can Legally Issue Central Bank Digital Currencies

The International Monetary Fund recently released a report stating that an increasing number of central banks are exploring the possibility of issuing central bank digital currencies according to surveys. However, nearly 80% of central banks globally are either not allowed to issue digital currencies under current laws or the relevant legal frameworks are unclear. The IMF reviewed the central bank laws of 174 member countries and found that only about 40 member countries are legally allowed to issue digital currencies. The IMF also emphasized that if a country issues a digital currency, everyone within that jurisdiction must be able to conveniently use that payment system, which could pose challenges to the financial infrastructure.

3. Russia plans to authorize banks to freeze accounts involved in cryptocurrency transactions.

Russia's new banking regulations will allow financial institutions to freeze the bank accounts of individuals or companies that they believe are related to cryptocurrency activities. This rule change is implemented by the central bank and outlines modifications to existing banking rules. Under the new regulations, commercial banks will be able to intervene and block access to accounts upon discovering signs of "digital currency circulation." The Bank of Russia stated that under the new rules, cryptocurrency-related banking transactions typically exhibit characteristics of "routine and one-way" transactions and may be flagged as "suspicious transactions" involving "money laundering or terrorist financing." These amendments may be issued in October this year unless the government decides to intervene.

Industry News

1. A certain infrastructure network will launch an open permissioned blockchain.

A certain infrastructure network plans to officially launch its open permissioned chain on January 31. According to its recent 2021 outlook, the network plans for the next 5 years: 1) to collaborate with multiple international banks and technology companies to establish a universal digital payment network; 2) to create more public city nodes, integrate more frameworks, and launch at least 3 new cross-chain protocols; 3) to promote private networks and authorized platforms; 4) to strengthen cooperation with cloud service providers, framework providers, and portal providers.

2. Bitcoin Core releases version 0.21.0

The Bitcoin Core client has released the official version 0.21.0 source code on GitHub. The most important change in this version is the implementation of features related to Schnorr signatures and the Taproot proposal. The next major version is scheduled for release on August 1, which will remove the leading 0 from the version number, changing it from "0.22.0" to "22.0".

3. Creditors on a certain trading platform may claim compensation of 90% in Bitcoin.

Recent reports indicate that creditors of a certain trading platform will be able to claim up to 90% of the remaining Bitcoin from the platform. Additionally, investors are not required to accept this payment in advance; they can wait for a settlement regarding the lawsuits against the platform. If a large amount of Bitcoin obtained from claims enters the market, it could lead to price fluctuations.

4. Anchorage becomes the first national digital asset bank in the United States.

The cryptocurrency custodian Anchorage announced that the Office of the Comptroller of the Currency (OCC) has conditionally approved its application for a national trust charter, making it the first federally chartered digital asset bank in the United States. Anchorage had previously applied for the charter with the OCC last November, aiming to become a digital asset bank.

5. The Mayor of Miami, USA, considers investing in Bitcoin.

Francis Suarez, the mayor of Miami, is considering investing part of the city's treasury reserves in Bitcoin. He stated: "We are looking into diversifying the portfolio and holding a Bitcoin investment. If I had done this last year, I could have achieved a 200% return." Suarez hopes to make Miami one of the "most crypto-forward and technologically advanced cities in the United States."

6. Osprey Funds launches Bitcoin Trust Fund

Osprey Funds will launch the "Osprey Bitcoin Trust (OBTC)" on the over-the-counter market, charging a management fee of 0.49%, which is about a quarter of the fees of its main competitor, Grayscale Bitcoin Trust. The minimum purchase amount for qualified investors is $25,000, with a one-year lock-up period before it can be sold on the secondary market.

7. Biden plans to appoint Gary Gensler as SEC Chairman

According to reports, Biden will appoint former Commodity Futures Trading Commission Chairman Gary Gensler as Chairman of the Securities and Exchange Commission. Sources say the nomination will take place "in the coming days." Gensler is currently leading Biden's financial policy transition team and is said to have in-depth knowledge of cryptocurrency technology.

8. A certain investment company resumes partial subscriptions for cryptocurrency trust funds.

Recently, an investment company resumed the subscription of cryptocurrency trust funds, except for ETH and XRP. The company's founder tweeted, "Please fasten your seatbelt." Currently, the company has disclosed new subscription data, with a minimum limit of $50,000 for BTC, and minimum limits of $25,000 for BCH, ETC, LTC, ZEN, ZEC, and XLM, while ETH and XRP are temporarily unavailable for subscription. Additionally, the company announced the formal liquidation and dissolution of its XRP trust fund.

9. An investment company had a capital inflow of 3.3 billion USD in Q4.

A digital asset management company announced its financial report for the fourth quarter of 2020, showing that the total capital inflow for all its products in the fourth quarter was $3.3 billion, averaging $250.7 million per week, setting a record high. Institutional investors accounted for 93%, reaching $3 billion. The total capital inflow for the entire year of 2020 exceeded $5.7 billion, more than four times the cumulative inflow from 2013 to 2019.

10. Release of the cryptocurrency billionaire list

Recently, a certain media outlet released a list of cryptocurrency billionaires. The top three are the co-founder of a certain trading platform with 14 billion USD (, the co-founder of a certain blockchain company with 12 billion USD ), and a certain venture capitalist with 11 billion USD (. This updated list only includes their cryptocurrency investments, unlike the 2018 list which also accounted for the value of the entrepreneurs' company shares.

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